Private markets “haven’t been tested” yet by a steep economic downturn, the chief of $2.1tn bond giant Pimco has warned, urging the need to “constantly think about what can go wrong”.
“We really haven’t had a hard recession since the great financial crisis,” said Emmanuel “Manny” Roman, chief executive of California-based Pimco, in an interview with the Financial Times. “You saw one very dicey month during Covid,” he added, before a flood of public money came to the rescue.
“The private markets in their current form haven’t been tested, and they will be tested when there’s a recession.”
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